HARTFORD, CONN. — Regional owner-operator WinnCos. has purchased Bedford Gardens Apartments, an 84-unit affordable housing complex in Hartford, with plans to implement an $18.7 million renovation. The 10-building complex was built in the 1920s, and its residences are reserved for households earning 60 percent or less of the area median income. Two Massachusetts-based firms, The Architectural Team and Keith Construction, are providing design and general contracting services for the project, respectively.
CHICAGO — Lamar Johnson Collaborative (LJC) has revealed the first renderings of The LaSalle Residences, an office-to-multifamily adaptive reuse project at 208 S. LaSalle St. in Chicago’s Loop. The project is part of the city’s LaSalle Corridor Revitalization initiative. Led by Chicago-based developer The Prime Group Inc., the project calls for the repurposing of 222,500 square feet of office space on floors 13 to 16 into 226 apartment units in studio, one- and two-bedroom floor plans. The development will feature a new ground-floor lobby as well as amenities such as a fitness facility; tenant lounge spaces for coworking, meetings and social events; and penthouse-level community terraces with an outdoor pool and gathering areas overlooking the central atrium. The project will also upgrade all older mechanical systems with energy-efficient equipment and replace the existing single-pane windows with high-performance insulated glass. Of the 226 units, 30 percent will be set aside for residents earning an average of 60 percent of the area median income. Completed in 1914, the 1.2 million-square-foot, 22-story building was initially designed by Chicago architect D.H. Burnham & Co. in the classical revival style for the Continental and Commercial National Bank. The property was listed on the National Register …
SEATTLE — King County has purchased the Dexter Horton Building, an office building in downtown Seattle, for $36.6 million. The county worked with ING Group, a lender to the original property owner, to create a deal to transfer ownership. CIM Group acquired the asset in 2019 for $151 million. King County’s Department of Public Defense is one of nine tenants in the building and will now expand its presence at the property. The deal will save King County nearly $2 million per year in leasing costs and has the potential to be a future source of additional revenue to the county when new tenants fill the vacant space currently available in the building.
PLEASANT PRAIRIE, WIS. — Dermody Properties has broken ground on LogistiCenter at Pleasant Prairie, a rail-served logistics park in southeast Wisconsin. WestRock, a sustainable packaging company, has signed a build-to-suit lease to occupy more than 580,000 square feet within the park. The project site was previously home to a power plant and sits adjacent to substations that can deliver power capacity and provide freshwater service from Lake Michigan. LogistiCenter at Pleasant Prairie is expected to include three buildings totaling 2.4 million square feet with the flexibility to accommodate build-to-suits ranging from 250,000 to 1.8 million square feet.
LAS VEGAS — Berkadia has arranged the sale of Prosper 89, a garden-style apartment community in Las Vegas. Nevada-based Turtle Bay 89 sold the asset to California-based Benedict Canyon Equities for $24.1 million, or $270,787 per unit. Located at 10750 El Camino Road, Prosper 89 features 89 units in a mix of one- and two-bedroom apartments with private garages. Community amenities include a pool, clubhouse, business center, fitness center and open grass areas. Jared Glover of Berkadia Las Vegas facilitated the transaction on behalf of the seller.
CHICAGO — General contractor Skender has completed a full interior and exterior revitalization of the Barbara Jean Wright Court Apartments in Chicago’s University Village neighborhood. The affordable housing property features 272 units across 27 buildings. Jonathan Rose Cos. purchased the asset from the Chicago Community Development Corp. in 2022 with the intent to preserve the property’s affordability status. In addition to Skender, the project team included architect Grund & Riesterer, mechanical engineer WT Group, civil engineer RTM Engineering and structural engineer Rockey Structures. Skender teamed up with Tandem Ventures to manage regulatory compliance, maximize community engagement and create local employment opportunities on the project. The 18-month project involved an occupied rehab where residents needed to be relocated during 27 phases of energy-efficiency and quality-of-life upgrades. Externally, the buildings received enhanced landscaping, energy-efficient windows, new roof shingles, brick masonry repairs and tuckpointing, new concrete sidewalks and asphalt parking lots, and new entry gates tied to a security and campus entry system. The renovated units provide dishwashers, updated bathrooms and new plumbing fixtures, new floor finishes, energy-efficient lighting fixtures and HVAC plant upgrades. The project also included the ground-up construction of a 5,000-square-foot clubhouse that features a leasing office, conference rooms, computer …
LONGMONT, COLO. — Capstone Apartment Partners has negotiated the sale of Eastglen Apartments, a 109,210-square-foot multifamily property in Longmont, approximately 35 miles north of Denver. Two Arrows Group acquired the asset for an undisclosed price. The seller was not disclosed. Located at 630 Lashley St., Eastglen Apartments features 102 units, with 20 percent designated as Low-Income Housing Tax Credit units. Sean Holamon, Adam Riddle and Jason Koch of Capstone Apartment Partners facilitated the transaction.
DOWNERS GROVE, ILL. — Inland Private Capital Corp. (IPC) has sold a 101,157-square-foot retail property occupied by Best Buy and Golf Galaxy in the southwest Chicago suburb of Downers Grove. IPC, through its subsidiary that serves as an asset manager, facilitated the sale of the property on behalf of Downers Grove Retail DST, one of IPC’s 1031 investment programs. The sale resulted in an equity multiple to investors of 1.75, according to IPC, which purchased the asset in 2013. Best Buy occupies 62,860 square feet, while Golf Galaxy leases 38,297 square feet. Chad Firsel and Daniel Waszak of Quantum Real Estate Advisors Inc. represented the seller. A Florida-based REIT purchased the asset for $14.6 million.
GARDEN CITY, KAN. — Burlington has opened a 22,547-square-foot store in Garden City, a city in western Kansas. The Woodmont Co. owns the property. Burlington occupies a portion of the space that formerly housed Sears. The expansion of the shopping center also included the entry of Kohl’s with an in-store Sephora. David Adams and Kendall Graff represented Woodmont on an internal basis in the lease with Burlington. Rickey Hayes of Retail Attractions LLC facilitated the identification of the project on behalf of the Finney County Economic Development Corp. he also helped facilitate the project’s development and obtained city approvals. Mike Clements of Embree Capital Markets Group Inc. arranged project financing through Dream First Bank, represented by Brandon Mumgaard. Good Neighbor Coffee, spearheaded by Andy Hooper of Hooper Hospitality, is proposed to be the latest addition to the shopping center.
CAMAS, WASH. — Portland, Oregon-based WDC Properties has completed the disposition of Clara Flats, a mixed-use multifamily property in Camas, just across the Columbia River from Portland. An undisclosed, out-of-state buyer acquired the asset for $11.9 million. Located at 608 NE Birch St., the two-building Clara Flats features 30 apartments and two fully leased retail spaces. Completed in 2020, the property features mountain and river views. Jordan Carter, Clay Newton and Tyler Linn of Kidder Mathews represented the seller in the deal.